Discover and read the best of Twitter Threads about #rehypothecation

Most recents (4)

1/ WOW-the Fed is looking to do a stealth QE5. I’d missed this but as usual Jeffrey Snider at @Alhambralnvest is on top of it + understands what it really means. Gee, ya think the Fed finally figured out WHY there are problems in the repo mkt—bc there’s... alhambrapartners.com/2019/03/13/the…
2/ ...only 1 real US Treasury security for every 3 owners whose brokerage accts show they own it (per IMF estimate)? It’s no shock why mkts periodically become illiquid when banks hoard claims on Treasuries (~2/3 of which aren’t real). The Fed needs a way to swap those claims...
3/ ...for something “real” when mkts seize & this is it—bank reserves. “Real” in quotes, sarcastically. The fact that this repo facility is on the table does, indeed, mean things aren’t quite right in fin mkts, as Jeff says. They never were. I suspect he’d agree. #rehypothecation
Read 3 tweets
1/ BOOM! #Wyoming just recognized clear, direct property rights for #digitalassets by passing SF125! This means #blockchain cos will prob want to apply WY law to your contracts, domicile here, &/or have a physical presence here. Thx again to the army of ppl who helped over months
2/ As @TraceMayer says, v impt for broad adoption of #crypto that it be “backwards-compatible w/ law.” SF125 enables that. Bill was amended w/ improvements & latest is here: wyoleg.gov/Legislation/20…. Goes to @GordonGovernor for signature & could officially become law next week
3/ I'll publish analysis after it officially becomes law, but here's the key: #Wyoming law recognizes property rights in the DIRECT ownership of #digitalassets. Property law in US is determined by states, not the feds. WY not only did it first but did it right!! This applies to
Read 11 tweets
1/ TWEETSTORM about #Wyoming’s BIG REVEAL. This is long & info-packed, so buckle in. My native state is about to do bigger things for #blockchain, & the sector is about to pay Wyoming back big-time. Win-win! @Tyler_Lindholm @SenatorDriskill @TraceMayer @ForbesCrypto
3/ New bill 2 parts. 1-Digital asset custody via #SEC #CustodyRule wld create first true #QualifiedCustodian for digital assets (for investors who by law can’t self-custody). 2-Defines property rights for digital assets—doing something HUGELY IMPT for #bitcoin/virtual currencies
Read 40 tweets
1/ CRINGE ALERT: if the regulator of your #crypto exchange/custodian requires this, run! "A DAB (digital asset biz) shld have a minimum amount of assets on-hand, within the organisation, to withstand the withdrawal of all client assets." @BermudaMonetary
cloudfront.bernews.com/wp-content/upl…
2/ I found that gem in Bermuda's "Digital Asset Custody Code of Practice." Consumer protection is listed as the first core objective of the effort (bma.bm/BMANEWS/BMA%20…). Sorry, but I don't see much meaningful consumer protection in here. @TraceMayer would probably agree...
3/ ...and here's another gem, in a section titled Account Segregation🤔:
"While keeping client assets separate from its own, DABs may commingle client assets..." Believe it or not, the quote in the prior tweet was in a section titled Proof of Reserves! There's a lot of great...
Read 12 tweets

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